The marijuana industry has seen positive results in recent years with an emphasis on legalization. Considering the recent national marijuana news, several US states have legalized the use of marijuana for medical and recreational purposes.
According to a report, the marijuana industry was valued at $9.1 billion in 2020. North America was one region that largely dominated the revenue share. As the demand for marijuana products increases, so does the scope of employment and income.
The article will look at different factors that have helped the national marijuana industry create employment opportunities.
Reasons Why National Marijuana Industry Is Gaining Popularity
Legalization Movement Gaining Momentum
Under federal law, marijuana is illegal, though several state laws differ from federal. For example, in 18 of the US states, you can use marijuana for recreational purposes. While in 36 US states, one can use marijuana for medical purposes.
Several other US states have voted for the decriminalization of marijuana. The law differs from one state to another when it comes to marijuana quantities and compounds. As per the national marijuana news, the legalization process has boosted the marijuana employment sector.
Record Sales of Marijuana Products
According to a Forbes article, cannabis sales in the US saw a record-breaking hit, with a 46% increase in sales compared to 2019. Customers today are more aware of marijuana and the benefits it offers. Digital media has played a critical role in building a loyal customer base.
With such a sales number, there is a need to increase production and establish a robust supply chain infrastructure. However, demand keeps the industry going, and the numbers predict a bright future for the marijuana industry.
Different Companies in the Marijuana Industry
The marijuana industry is relatively in its early stages as compared to other manufactured products. For example, marijuana first needs to be grown, the compounds from the plant are separated using various extraction methods. Then the marijuana product needs to be manufactured, packed and distributed.
There is a whole infrastructure that has to be established for efficient production and distribution of the products. In addition, subsidiaries and shops will be opened for the public; this will again generate employment.
Several brands operate exclusively on digital platforms. Websites and e-commerce platforms have to be maintained, and content needs to be published to engage audiences. This leads to jobs in the digital marketing sector as well.
Once legalized, the government collects taxes on the sales of medicinal and recreational marijuana. This amount can run into millions. People with jobs contribute to the national economy better. Stable employment provides them with purchasing power.
There is also growing interest in cannabis stock among investors. According to a report, legalizing marijuana at the federal level could generate over $105.6 billion in tax revenue and create 1 million employment opportunities by 2025.
With marijuana use being legal in several US states, the industry has already begun to create employment opportunities. In addition, the wide range of products produced by the marijuana industry has created a diverse customer base. National marijuana news and other research suggest legalizing marijuana is the way to move forward.